《大行報告》匯豐研究下調中國中車(01766.HK)目標價至5.5元 評級「買入」
匯豐研究發表報告指出,中國中車(01766.HK)第三季業績遜預期,期內收入按年增長3%,稅後淨利潤跌1%;毛利率增長1.7個百分點至22.9%,主要由於產品結構變化。然而,減值增加及匯兌損失拖累純利。期內動車組收入按年跌2%,交付25組動車組列車,慢於市場預期。
該行提及,目前國鐵6月招標的動車組仍有53部待交車。由於國鐵已公開表示將提前啟動2024年訂單採購,該行預計第四季將釋放更多動車組訂單。而新訂單規模應該是市場情緒的關鍵。在旅客出行活動方面,該行預期有關勢頭將持續呈強至明年農曆新年假期,或有助於動車組需求。
此外,中車以200公里高速動車組首次出口至歐洲,預期將於2025年交付。公司另擬分拆子公司中車戚墅堰機至創業牌上市。該行維持對中車前景正面的展望,惟對其2023至2025財年每股盈利預測下調9%、4%及6%,H股目價價由5.6元下調至5.5元,維持「買入」評級。
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